FY 18 Annual Report

Detailed Bond Information REDLG Loan - E911 Communications

Principal payable July 15, beginning July 2015. Interest payable - These are no interest loans. Original Principal Amount: $360,000

This loan was issued on behalf of the E-911 Emergency Communications Board to pay for equipment costs related to the construction of the new Communications Center. The loan was issued through Spencer Municipal Utilities through the US Department of Agriculture's Rural Development Loan Program. The proceeds will be repaid to Spencer Municipal Utilities and used to establish a revolving loan fund for the community. While the City issued the debt and is legally responsible if the E-911 Communication Center Board would default, the principal payments will be paid annually by the Communications Board to the City of Spencer who will in turn pay SMU.

Principal and Interest Outstanding

Principal Outstanding Beginning of Fiscal Year

Payments

Paid from Property Tax Revenue

FISCAL YEAR

Coupon Rate

Principal

Interest

Total

2022 2023 2021 2020 2024 2019 2025

36,000 36,000 36,000 36,000 36,000 36,000 36,000

- - - - - - -

36,000 36,000 36,000 36,000 36,000 36,000 36,000

- - - - - - -

252,000.00 216,000.00 144,000.00 108,000.00 180,000.00 72,000.00 36,000.00

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Totals as of 6/30/2018

252,000.00

-

252,000.00

-

The bonds are NOT subject to early redemption.

2010 G.O. - Green Industrial Paving Project

Principal payable 6/1, beginning June 1, 2012. Interest payable 6/1 and 12/1, beginning June 1, 2011. Original Principal Amount: $575,000

These bonds were issued for the purpose of paying the cost, to that extent, of planning, undertaking and carrying out urban renewal projects within the Spencer Urban Renewal Area #3, consisting of constructing street and sewer improvements and to refund the outstanding principal amount of a General Obligation Urban Renewal Street Improvement Bond Anticipation Project Note issued to pay a portion of the costs of the project. The improvements were made in the Green Industrial Park. Fiscal Year 2018 saw the final payment on this debt. This bond has now been paid in full.

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